Strong financial results in 2011 for DNO
(Thomson Reuters ONE) -
Ahead of the full year 2011 operational and financial results to be released on
15 February 2012, DNO International ASA is pleased to announce a strong end to
the year just ended, well above market expectations.
Operating revenue for Q4 2011 was around NOK 900 million and DNO expects to
report full year 2011 operating revenue of around NOK 2 billion, up 65 per cent
from the previous year and a record for the company.
EBITDA for Q4 2011 was around NOK 660 million and is expected to be around NOK
1.4 billion for the full year 2011, up from NOK 474 million in 2010.
Net profit for Q4 2011 was around NOK 200 million. For the full year 2011 net
profit is expected to be around NOK 650 million compared with a loss of NOK 283
million in 2010.
DNO's cash position at yearend 2011 was NOK 1.75 billion.
Q4 2011 revenue recognition
As previously reported, DNO received a second cash advance in relation to oil
exports from the Tawke field in the Kurdistan region of Iraq of NOK 353 million
in September 2011. The payment was not recorded as revenue in Q3 2011. Following
additional assessment and review of new information, this payment will be
recorded as revenue in Q4 2011. At the same time, all production costs for the
Tawke field through 2011 have been expensed in the fourth quarter, amounting to
NOK 346 million (including previously capitalized costs of NOK 295 million as of
Q3 2011).
Results presentation and webcast
Q4 and full year 2011 operational and financial results will be published at
07:30 CET on 15 February 2012. A presentation to analysts and shareholders will
be held in London at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.
Please contact Buchanan at benr(at)buchanan.uk.com for registration.
The presentation will start at 10:00 CET (09:00 GMT). A live webcast of the
presentation will be available on www.dno.no.
Oslo, 8 February 2012
DNO International ASA
Corporate Communications
For more information:
Media:
Communication Director Tom Bratlie
Phone: +47 905 21 904
Financial market:
CFO Haakon Sandborg
Phone: +47 23 23 84 80
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO International ASA via Thomson Reuters ONE
[HUG#1583529]
Unternehmensinformation / Kurzprofil:
Datum: 08.02.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 112234
Anzahl Zeichen: 3119
contact information:
Town:
Oslo
Kategorie:
Business News
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